Alveo Land Inc., (ALI) the upscale development arm for innovation communities of the country's largest real estate firm Ayala Land Inc., is investing P5 billion for the development of the Makati Central Business District - North called "The Lerato" into Makati's primarily upscale residential hub.
Lerato Location imageAlveo Land president Dan Abando said the new business district involves the development of about a hectare Ayala property in the Reposo area that will consist of three towers buildings and a retail component.
"It will be a primarily residential hub with a unique retail component in Makati for the young professionals," Abando said.
Already, the company has sold 115 units for its first tower with a value of P500 million or 25 percent of the total revenues of the 540 total residential units of the first tower, which delivery is scheduled in the fourth quarter of 2015.
"Most of these multi-unit buyers are locals," Abando said.
The units would be sold at P100,000 per square meter or P3 million for a 30 square meter studio type and P5.5 million for the one-bedroom 55 square meter unit.
"We have several multi-unit buyers or buThe Lerato Model Unit imagelk buyers of 10 units each," Abando said noting that the bulk of the 540 residential units is comprised of 420 studio type units to cater to young and successful urban professionals with monthly earnings of between P100,000 to P180,000. "MCDB North is Ayala Land's newest district in Makati poised to develop into an impactful, integrated mixed-use district," Abando said.
"The Lerato", which is targeted as the place to work and play, is the latest development of the Alveo group, which existing developments include Marquee Place in Angeles, Ametta in Pasig, Teveia Nuvali in the south, Celadon Manila in the west, the Columns in Ayala Ave., and Serendra in Bonifacio Global City.
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Manila Bulletin . April 2010